Receivables transfer refers to the fund-raising convenience offered by BOCOM, through receivables transfer, to help alleviate cash-flow inadequacies facing the customer promptly as a result of an increase in receivables. During the transfer period, the transferor (seller) entrusted by BOCOM is responsible for calling on the transferred receivable transfers from merchandize purchasers. If BOCOM is unable to retrieve the full amount of receivables before the deadline, the transferor shall buy back the uncollected balance portion unconditionally.

(4) Upon BOCOM’s approval, a “Transfer of Receivables Creditor’s Rights” agreement will be signed with the transferor;

(5) Within three working days upon signing the agreement, the transferor is required to submit an original copy of “Notice of Receivables Transfer” to the buyer, with a duplicate copy to be submitted to BOCOM for custody.